What is an elevator pitch?

An elevator pitch or lift pitch and what is also known as an elevator speech isn’t anything to do with elevators really.

Instead an elevator pitch is referred to as such because the idea is to be able to convey your business idea or pitch in the time it takes to get from one floor to the next in an elevator or lift.

Well actually, in reality the time it takes to go from one floor to another would be less time than is usual for an elevator pitch. So it’s more likely to be the time it takes to go from the ground floor to the top floor of a 10-12 story building in the elevator.
Even with the slightly longer trip to the top floor, it’s not a lot of time. Usually elevator pitch examples are either 30 seconds or 60 seconds long. Probably the time it takes once the doors close to when they open again at the top.

Ilene Rosenzweig and Michael Caruso came up with the elevator pitch concept…

The original concept of elevator pitches came from Ilene Rosenzweig and Michael Caruso. While he was editor for Vanity Fair, Michael Caruso was finding it difficult to explain his story ideas to the chief editor.

In order to overcome his problem, he would create brief summaries of his story ideas for inclusion in the next Vanity Fair. These short-pitches would be explained to his editor by Caruso in the elevator ride.

Michael Caruso’s then girlfriend Ilene Rosenzweig would ask him how that day’s elevator pitch had gone. Which is how the phrase ‘the elevator pitch‘ was created. The concept has gone on to be used for employees elevator-pitching for a job, entrepreneurs elevator-pitching for investment in their business and business owners elevator-pitching for business.

In Michael Caruso’s case his aim was to have approval for his next article, but for business owners or entrepreneurs, the aim is to get a new customer of investment. If their pitch goes to plan and is well received, either the conversation will continue (once the elevator doors have opened) or the person who has just been pitched to will ask to make further contact.

Getting a business card would be a great next step.

Where to begin in putting together an elevator pitch…

Imagine for a moment that you get into an elevator (or lift pitch if you’re in the UK), and you meet the person you’ve been meaning to talk to about your business.

You have just 30 seconds to tell them about your business, or if you’re lucky perhaps 60 seconds. What do you say? Most business owners don’t have a pre-prepared speech. So would not be able to best represent themselves or their business in this short space of time they have.

An elevator pitch should be about “what’s in it for me.” Focus on the benefits your business could provide them. Be it to save time, money or to make more money.

In those 30 to 60 seconds you need to make it interesting, compelling and convey the benefits of doing business with you. So by having a pre-prepared elevator pitch, which has been well rehearsed beforehand, will put you at an advantage.

Imagine you meet your favourite entrepreneur…

Imagine still you meet your favourite entrepreneur. Mine is Sir Richard Branson. Think about what you might say to that person if you were pitching for an investment. You’ve got just 30 seconds, be it in an elevator or in a hotel lobby somewhere.

What would you say. You never know, if your business is exciting enough and your elevator speech is compelling enough, you may just get your next customer or better still an investment.

If you are a fan of either Dragons Den or Shark Tank, the entrepreneurs appearing on this show are presenting their elevator pitches. Some may be longer than 30 or 60 seconds, but these give you a good idea of example elevator pitches.Entrepreneur Michele Romanow explains about pitches to angel investors like this:

There’s no such thing as a perfect pitch that every investor will say yes to,” she explains. “Every person you date doesn’t want to marry you, [and] every investor you meet isn’t going to get what you’re doing.”

How to write an elevator pitch…

How to write an elevator pitch and what to include. Begin with a brainstorming of ideas. Don’t worry at this stage whether what you write is relevant or not, just get it down on paper.

You are brainstorming about you and your business at this stage. You need to think about why someone would do business with you or why they’d invest in your business. What is unique about your business and what’s your USP?

What sets you apart from the competition? An elevator pitch is a well-honed sales pitch. Where it’s just seconds long, there’s no room for waffle.

Rehearse, rehearse, rehearse your elevator pitch…

Once you’ve written, edited and honed your elevator pitch, you need to rehearse it. Your rehearsing needs to be so that your pitch is both natural and convincing.

It can’t be rushed where you’re having to speak so fast the person you’re pitching to cannot follow what you are saying. If you’re having to speak fast to finish your speech within either 30-60 seconds, then it’s too long. You will need to go back and edit out some of the text.

Practice your elevator pitch example in front of family, friends or business colleagues…

Once you’ve rehearsed your elevator speech you should practice it. Get you family, friends or business colleagues to give you honest feedback.
This stage of putting your elevator pitch together is important. Any feedback you get will help you. Where necessary go back to your speech and amend or add to it from what the feedback gave you.

Elevator speech examples…

To help with your preparation of an elevator speech here are some sample elevator pitch for business examples. The examples include both 30 second and 60 second speeches.
It may be good for you to prepare two lengths of elevator pitch. Then use the appropriate pitch depending on the situation. The downside of having two speeches is you have both to write, rehearse and remember.

Examples of a 30 second elevator pitch…

If you want to keep your elevator pitch short and snappy, a 30 second speech would be short enough.

30 second elevator pitch example…

This is an example of an elevator speech for a web developer…

“My name is _________ and an example client we have recently worked with, Adrian Adams Accountants had a website that had no meaningful visitors and wasn’t working as it should do. We began by building a new and modern WordPress website.

This new website we optimised for local keywords we had carefully researched. Additionally we worked on other key website ranking factors and within months the visitors increased significantly.

Not only that this new influx of visitors were converting into new paying clients. If your website is not performing we carry out a free no obligation review to highlight where you could improve it.”

Examples of a 60 second elevator pitch…

If you aren’t able to keep your sales pitch to 30 seconds and need a bit more time, you’ll need to prepare a 60 second speech.

Also, as already mentioned you may wish to prepare both lengths of pitch.

60 second elevator pitch example…

This is the same example of an elevator pitch for the same web developer but extended to 60 seconds instead…

“My name is _________ and my digital marketing business is XYZ Marketing. An example client we have recently worked with, Adrian Adams Accountants had a website that had no meaningful visitors and wasn’t working as it should do. In fact they weren’t too sure how many visitors they were getting.

With some quick research we were able to identify good keywords they should be getting traffic from, but were not. We began by building a new and modern WordPress website.This new website we optimised for local keywords we had carefully researched. Additionally we worked on other key search engine ranking factors and within months the visitors increased significantly. Not only that this new influx of visitors were converting into new paying clients.

If you feel that your website is not performing, I would be happy to personally carry out a free no obligation review to highlight areas where you could improve it. It will be up to you what you do with this information, but of course I’d be delighted to work with you and to help you grow your business.“

The elevator pitch mistakes to avoid…

Elevator pitch mistakes to avoid include the following:

You make the mistake of not introducing yourself.

You make the speech too long so that it has to be rushed.

Avoid making the pitch about your business features. It needs to be benefit focused.

It would be a mistake not to include an example of what you can or have achieved.

Avoid the mistake of including jargon in your sales pitch. This will get picked up in the review Bynum family or friends.

Elevator pitch template…

If you are looking for an elevator pitch template to work from I recommend you review the above examples. Break them down into the key points.

Use either one of them to create and adapt your very own elevator pitch.

More elevator pitch examples for business…

I thought I’d write a few examples of elevator speeches you could draw from for your own business. They’re not necessarily perfect, but given for some inspiration and direction more than anything, as your pitch should be your own and include your passion about your business.
Here’s an example for a startup business looking for investment capital from an angel investor:

Elevator pitch example startup…

“My name is _________ and my business XYZ Startup solves the problem of ________ by providing [advantage]*. After carrying out extensive research and by using live testing with a wide range of people who represent our target market, we were able to accomplish [goal]**.

This unique system which has been developed and patented is the only one of its kind in the World today. With xxx customers already lining up to buy our new system to get [benefit]*** and with £xxx already banked, we are looking to expand to the next stage.

Our projected sales for the next 12 months is £xxx and we expect to make £xxx profit. Our research has shown that there are xxx potential customers in [Country]. World-wide this is estimated at xxxx. We are looking for an experienced angel investor who is keen to invest in an exciting one-off opportunity. In return for £100,000 investment we are giving away a 25% stake in our business.”

*[advantage] – you are looking to explain a condition or circumstance that puts your customers in a favourable or superior position from where they were before your startup business got involved.

**[goal] – explain in your own words the outcome that a plan/goal is intended to achieve and that (when achieved) terminates, improves, changes etc. behaviour. What is your startup business’s aim or what is the desired result for customers.

***[benefit] – explain the advantage (save time or money or make money) or profit gained from something that you do for them.

Elevator pitch examples for accounting…

Another elevator pitch example for business is a 30 second elevator speech for accountants:

“My name is ______ and at my Chartered Accounting Business we solve the problems associated with small business cash flows by helping them to focus on the 7 business cash drivers.

We recently helped a bakery business, which had major cash flow problems. By getting them to focus on their average transaction value, we helped this client to increase profits. Additionally their immediate cash flow improved, which avoided them needing to raise expensive bank finance.

If you would like me to visit your business and sit down with you, we could do the same for your business. This meeting is free of charge and at no obligation to you.”

The same accounting business as above, but this time an expanded pitch with a 60 second elevator speech for accountants:

“My name is ______ and at my Chartered Accounting Business we solve the problems associated with small business cash flows by helping them to focus on the 7 business cash drivers.

We recently helped a bakery business, which had major cash flow problems and who were making losses. By getting them to focus on their average transaction value, we helped this client to increase profits. Additionally their immediate cash flow improved, which avoided them needing to raise expensive bank finance.

Initially in a meeting with this client we identified potential increased profits of circa £60,000. However, in the end they added over £80,000 to their bottom line profits after implementing the new sales and marketing techniques we identified in this meeting.If you would like me to visit your business and sit down with you, we could do the same for your business. This meeting is free of charge and at no obligation to you.”

Elevator pitch examples for entrepreneurs…

As an entrepreneur having an elevator pitch for your business is a must. As already discussed above entrepreneurs who appear on either Dragons Den or Shark Tank prepare elevator speeches to present to the angel investors.

The elevator pitch example for an entrepreneur would follow similar lines to the startup one above, if it’s for investment. Alternatively, you may be pitching to a supermarket to stock your new brand, so this is an example pitch for this type of speech:

“My name is _________ and my business ABC foods has identified a very lucrative niche in the market. We are already selling online through our own website abcfoods.com and sales are doubling month on month. Last month we sold £15,400 worth of product and this is only our fifth trading month. The product is a [explain the product] and the [explain the benefit of the product]. The [explain the USP] of the product.

We’re already in talks with other supermarket chains as well, but we would consider an exclusive deal with yourselves for a period of 12 months, as you are the largest retail chain in the [insert your region of country]

I have brought along some samples of the product range for you to try. I welcome any questions about my business or the product and I very much look forward to working with you.“

Elevator pitch vs. positioning statement…

It’s worth understanding the difference between an elevator pitch vs. a positioning statement. In most cases your product or service offering is not without competition. This is the case unless you’ve invested something that doesn’t already exist in the market already. With this I’m not talking about for example an electric car, as other cars exist, or a different type of vacuum cleaner like James Dyson invented, as there were already other vacuum cleaners in the market. What I mean by something that doesn’t exist would be the likes of Thomas Edison inventing the light bulb.

On the basis that your products or services have competition, a positioning statement defines your place in the market. For example Ford and Mercedes both sell cars. Ford holds one position in the market and their position statement in 2017 reads “At Ford, we go further to make our cars better, our employees happier and our planet a better place to be. Learn more about the work that makes Ford a company that we’re proud to be a part of.”

Whereas for Mercedes, we all know they are more expensive cars and cater for the luxury end of the market. Mercedes position statement reads “The world’s best automobile: this title has stuck to the flagship model since its inception. And the new generation lives up to that billing more impressively.”
A positioning statement is about understanding your competition and the niche you occupy within the market for your product or service. Creating a positioning statement for your business will help you know which customers to target and how much to charge for your products or services. It will also help you to understand where and how to advertise and what level of support to provide to your customers.

Elevator pitch vs value proposition…

A company’s value proposition is about what value you bring to your customers. A value proposition is about the value or benefit you bring to your customers in exchange for money. Does your product or service solve a problem for your customers, does it increase their profits or save them money. Or perhaps your product or service saves them time.

When looking at your value proposition ask about how much better off your customers are after they’ve bought your product or service. If you’re not clear on this point, then it’s very likely your customers will not know either. Value propositions are a great way to focus what your business is about. If you get this right and you provide value, customers will buy from you. Get it wrong and you’ll not get enough or any customers, and your business will either fail or not do as well as it could.

An elevator pitch is a combination of your value proposition and positioning statement…

If you look at the above elevator pitch examples they are a combination of value propositions and positioning statements. A good elevator pitch will include the business’s value proposition and the problem(s) it solves or money it makes or saves etc. But then the elevator pitch must also recognise the where your business sits amongst its competition to better present its USP or unique selling proposition.

Essentially your business’s value proposition and positioning statement will remain fixed, unless you have a major shift in your business. However, your elevator pitch can be altered and tweaked depending on the audience. This is particularly true of entrepreneurs who are either pitching to a customer versus pitching for investment. The value proposition in both is exactly the same, but how it’s pitched will be totally different.

Elevator pitch vs mission statement…

A mission statement is similar to an elevator pitch. However, a mission statement tends to be more of an internal document. The main function of a mission statement is to identify an organisation’s purpose. For example, the mission statement for Virgin Atlantic reads: “To grow a profitable airline, that people love to fly and where people love to work.”

A mission statement will also include the scope of the business’s operations, what kind of products or services it will sell and to what market it will sell to. Additionally, the mission statement will define the geographical region of operation too.

Elevator pitch unique selling proposition…

Your unique selling proposition or USP forms the foundation of your business marketing. Your USP is the core defining statement to set yourself apart from the crowd. In order to prepare a great elevator pitch you need to know your USP beforehand.

If you don’t know your USP then your clients will be confused too. If you don’t articulate your unique selling proposition in a clear way, customers who would ordinarily have bought from you, may well go to the competition. Your USP could be: You’re the best; the cheapest; the biggest; the smallest; the fastest; or whatever it is, but this needs to be explained.

A claim that you are the ‘best at’ without an explanation or examples to prove it is an empty statement. Your USP needs to be better that simply saying “we’re the best company at XXXX in the world.”